In a large bowl, cream together the butter, cream cheese, and sugar until light and fluffy. Beat in the eggs one at a time, then stir in the vanilla and almond extract. Beat in the flour mixture, mixing just until incorporated. Dredge cherries in 1/4 cup flour, then fold into batter. Spread into prepared pan.

Bake in the preheated oven for 60 to 80 minutes, or until a toothpick inserted into the center of the cake comes out clean. Let cool in pan for 10 minutes, then turn out onto a wire rack and cool completely.